Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue reaching 3.477 billion yuan, a YoY increase of 21.18%, and net profit attributable to the parent company of 424 million yuan, a YoY increase of 19.24% [1] - The company's secondary equipment products have steadily increased their market share across various application fields, including smart grid, smart power generation, and smart power consumption [2] - The company is expected to benefit from the construction of new power systems, with both domestic and international businesses experiencing rapid growth [2] Financial Performance - In H1 2024, the company's gross margin was 33.46%, a YoY decrease of 2.64 percentage points, while the net margin was 12.22%, a YoY decrease of 0.19 percentage points [1] - The company's R&D investment in H1 2024 was 320 million yuan, a YoY increase of 25%, focusing on key areas such as distributed energy, flexible transmission, and new power system relay protection [2] - The company's revenue is expected to grow to 7.035 billion yuan in 2024, 8.467 billion yuan in 2025, and 10.211 billion yuan in 2026, with corresponding net profit growth rates of 19.9%, 19.2%, and 19.0% respectively [2][3] Business Segments - The grid automation business generated revenue of 1.689 billion yuan in H1 2024, a YoY increase of 11.58%, while the power plant and industrial automation business generated revenue of 1.526 billion yuan, a YoY increase of 24.89% [1] - Domestic revenue accounted for 3.353 billion yuan, a YoY increase of 20.62%, while international revenue was 117 million yuan, a YoY increase of 40.85% [1] Valuation and Forecast - The company's PE ratio is expected to be 18x in 2024, 15x in 2025, and 13x in 2026, based on the closing price on August 30, 2024 [2][3] - The company's EPS is forecasted to be 0.90 yuan in 2024, 1.08 yuan in 2025, and 1.28 yuan in 2026 [3][5]

Financial Performance - Revenue for the first half of 2024 reached 3.48 billion yuan, a year-on-year increase of 21.18%[14] - Net profit attributable to shareholders of the listed company was 423.59 million yuan, up 19.24% compared to the same period last year[14] - Operating cash flow increased by 36.16% to 60.59 million yuan[14] - Basic earnings per share (EPS) rose by 18.18% to 0.52 yuan per share[15] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 15.14% to 408.57 million yuan[14] - Basic earnings per share after deducting non-recurring gains and losses increased to 0.50 yuan/share, up 13.64% year-over-year[16] - Weighted average return on equity (ROE) rose to 9.85%, an increase of 1.10 percentage points[16] - The company achieved a revenue of 3.477 billion yuan, a year-on-year increase of 21.18%, and a net profit attributable to shareholders of 424 million yuan, a year-on-year increase of 19.24%[27] - Total operating revenue for the first half of 2024 reached 3,477,205,242.58 RMB, a 21.2% increase compared to 2,869,472,649.69 RMB in the same period of 2023[90] - Net profit attributable to parent company shareholders in the first half of 2024 was 423,591,108.29 RMB, up 19.2% from 355,245,791.82 RMB in the same period of 2023[92] - Revenue for the first half of 2024 increased to 916,090,022.60 RMB, up 30.7% compared to 700,846,758.79 RMB in the same period of 2023[93] - Net profit for the first half of 2024 rose to 38,405,017.68 RMB, a 78.1% increase from 21,571,489.07 RMB in the first half of 2023[93] Cash Flow and Financial Position - Operating cash flow for the first half of 2024 was 60,590,079.49 RMB, a 36.2% increase from 44,499,687.94 RMB in the first half of 2023[94] - Cash received from sales of goods and services in the first half of 2024 was 2,938,246,265.96 RMB, up 10.3% from 2,663,750,627.97 RMB in the same period of 2023[94] - Cash used in investment activities for the first half of 2024 was 281,337,610.48 RMB, an increase of 10.6% from 254,282,150.45 RMB in the first half of 2023[96] - Cash and cash equivalents at the end of the first half of 2024 stood at 2,405,541,288.16 RMB, up 51.3% from 1,590,006,121.95 RMB at the end of the first half of 2023[96] - Operating cash flow for the first half of 2024 was -161,076,810.07 RMB, a significant decrease compared to 63,919,119.31 RMB in the same period of 2023[97] - Investment cash flow for the first half of 2024 was 412,581,290.39 RMB, up from 237,188,690.08 RMB in the same period of 2023[99] - Financing cash flow for the first half of 2024 was -499,525,350.00 RMB, slightly improved from -500,100,780.00 RMB in the same period of 2023[99] - Total cash and cash equivalents at the end of the first half of 2024 were 1,288,861,698.66 RMB, compared to 1,050,887,412.71 RMB at the end of the first half of 2023[99] - Cash received from tax refunds increased to 1,146,228,013.13 RMB in the first half of 2024, up from 887,615,733.58 RMB in the same period of 2023[97] - Cash received from investment returns rose to 421,196,010.95 RMB in the first half of 2024, compared to 281,430,136.99 RMB in the same period of 2023[97] - Cash paid for goods and services increased to 1,072,238,643.39 RMB in the first half of 2024, up from 588,849,057.89 RMB in the same period of 2023[97] Assets and Liabilities - Total assets decreased by 2.37% to 9.28 billion yuan compared to the end of the previous year[14] - Cash and cash equivalents decreased by 14.96% to 2,653,736,748.20 RMB, accounting for 28.62% of total assets[36] - Accounts receivable increased by 17.64% to 1,268,956,612.83 RMB, accounting for 13.67% of total assets[36] - Inventory decreased by 14.83% to 1,729,992,924.83 RMB, accounting for 18.64% of total assets[36] - Contract assets increased by 25.57% to 1,697,391,824.97 RMB, accounting for 18.29% of total assets[36] - Construction in progress increased by 241.61% to 82,338,433.25 RMB, due to the smart equipment digital factory construction project[37] - Overseas assets amounted to 25,668,863.55 RMB, accounting for 0.28% of total assets[38] - Restricted cash amounted to 248,195,460.04 RMB, mainly due to guarantees and bank acceptance bills[39] - Total current assets as of June 30, 2024, amounted to 8,253,219,378.58, a decrease from 8,524,980,671.77 at the end of 2023[84] - Fixed assets decreased to 367,887,006.77 from 380,504,424.98 year-over-year[84] - Long-term equity investments slightly decreased to 54,684,437.29 from 54,868,246.81 year-over-year[84] - Total assets decreased from 9,504,776,565.38 to 9,279,902,858.59, a decline of approximately 2.4%[85] - Non-current assets increased slightly from 979,795,893.61 to 1,026,683,480.01, a growth of about 4.8%[85] - Current liabilities decreased from 5,249,477,046.42 to 5,048,377,045.67, a reduction of around 3.8%[85] - Total liabilities decreased from 5,270,513,544.65 to 5,067,123,514.46, a decline of approximately 3.9%[86] - Owner's equity decreased from 4,234,263,020.73 to 4,212,779,344.13, a reduction of about 0.5%[86] - Total liabilities decreased by 5.4% to 1,834,650,577.26 RMB as of June 2024, compared to 1,939,000,288.53 RMB at the end of 2023[89] - Total assets decreased by 9.5% to 4,876,952,330.18 RMB as of June 2024, compared to 5,389,142,385.18 RMB at the end of 2023[89] - Total equity attributable to shareholders decreased by 11.8% to 3,042,301,752.92 RMB as of June 2024, compared to 3,450,142,096.65 RMB at the end of 2023[89] Research and Development - R&D expenses increased by 29.6% to 320,490,135.96 RMB in the first half of 2024, compared to 247,349,091.81 RMB in the same period of 2023[90] - R&D expenses increased to 79,899,971.24 RMB in the first half of 2024, up 39.9% from 57,124,033.52 RMB in the same period of 2023[93] - The company has accumulated 812 authorized invention patents and 627 software copyrights, and participated in the drafting and revision of 493 international, national, and industry standards[24] - The company's technical personnel account for more than 60% of the total workforce, with several individuals receiving national and regional honors[26] Market and Industry Trends - In the first half of 2024, China's GDP grew by 5.0%, with total electricity consumption reaching 4.66 trillion kWh, up 8.1% year-over-year[22] - Wind power installed capacity reached 470 million kW, a 19.9% increase, while solar power installed capacity hit 710 million kW, up 51.6%[22] - New solar power installations in the first half of 2024 reached 102.48 million kW, a 30.7% year-over-year increase[22] - The company's products are exported to over 80 countries and regions, maintaining a leading market share[17] - The company participated in major national projects such as the 1000kV UHV project and the Three Gorges Project[17] - The company's secondary equipment products have steadily increased their market share in various application fields, with significant projects in smart grid and new energy sectors[27] - The company secured several key projects in the new energy sector, including offshore wind power and photovoltaic projects, enhancing its market competitiveness[27] Risk Factors - The company faces risks from macroeconomic and industry policies, which could impact its performance due to factors such as international macro environment, national economic policies, and power industry investment scale[44] - The company is exposed to technological innovation risks, as failure to continuously innovate in new product and technology development could affect its business and development prospects[45] - The company is at risk of talent loss due to intense industry competition, which is critical for its development as a high-tech enterprise in the power automation field[46] - The company faces risks from international environmental changes, including political environment shifts, unstable tax policies, and exchange rate fluctuations, which could impact its overseas business[47] Corporate Governance and Shareholder Information - The company did not propose any profit distribution or capital reserve to share capital conversion plan during the reporting period[3] - The company's registered address and office address remain unchanged at No. 9, Shangdi 4th Street, Haidian District, Beijing[11] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 601126[13] - The company's website and email address for investor relations are www.sf-auto.com and ir@sf-auto.com respectively[11] - The company held its 2023 Annual General Meeting on April 12, 2024, where all proposals were approved, including the 2023 Board of Directors Work Report and the 2023 Financial Budget Report[48] - The company did not distribute dividends or conduct capital reserve transfers during the reporting period[51] - The company implemented the "Voyage 2 Restricted Stock Incentive Plan" in 2023, which was approved by the Board of Directors and the Supervisory Committee, and no objections were raised during the公示 period[52] - The company granted a total of 19.079 million restricted shares under the "Voyage 2 Restricted Stock Incentive Plan" on November 14, 2023[53] - 25,000 restricted shares were repurchased and canceled on May 24, 2024, due to the resignation of one incentive object[53] - The company's total share capital decreased by 25,000 shares due to the repurchase and cancellation of restricted shares, resulting in a total share capital of 832,226,000 shares[79] - The company's restricted shares decreased by 25,000 shares during the reporting period, with a total of 1,905,400 restricted shares at the end of the period[79] - The company's total number of ordinary shareholders at the end of the reporting period was 32,932[80] Environmental and Social Responsibility - The company actively promotes ISO14001 environmental management and ISO50001 energy management systems, with no environmental pollution incidents reported in the first half of 2024[55] - The company has implemented energy-saving measures, including the use of energy-efficient lighting and sensor faucets, to reduce resource and energy consumption[57] - All emissions from the company's production activities, including wastewater, exhaust, and noise, meet regulatory standards, with no incidents of excessive emissions or environmental pollution[58] - The company has implemented green manufacturing and green operations, integrating these concepts into the entire lifecycle management process, including design, procurement, production, packaging, and logistics[59] - The company has constructed rooftop distributed photovoltaic systems, photovoltaic carports, energy storage, and charging piles at its Nanjing and Baoding production bases, developing renewable energy and reducing carbon emissions[59] - In 2024, the company purchased over 3,800 green electricity certificates as part of its efforts to use green electricity and fulfill social responsibilities[61] - The company conducted a carbon footprint verification for six product models, including pole-mounted circuit breakers and environmentally friendly gas ring network cabinets, and obtained corresponding carbon footprint certificates[61] - The company launched a comprehensive energy management system at its Baoding base, enabling real-time monitoring, data collection, and optimization of energy usage to achieve low-carbon, energy-saving, and efficient operations[59] - The company is advancing the Huzhou intelligent equipment digital production base project and has commissioned a third party to conduct an environmental impact assessment for the project[59] - The company has implemented energy-saving measures such as using energy-efficient lighting, reducing air conditioning energy consumption, and employing fire pool cold storage technology in office and production areas[60] - The company has conducted organizational-level carbon inventory and verification for its operations in Beijing, Baoding, Huzhou, Nanjing, and Wuhan, covering Scope 1, Scope 2, and Scope 3 greenhouse gas emissions[61] - The company has established a full lifecycle information system, including PLM, SOSP, SRM, MES, and ESP systems, to enhance office automation and reduce environmental impact[60] - The company has strengthened employee training and awareness campaigns on energy conservation, promoting habits such as saving water, electricity, and paper[60] Tax and Regulatory Compliance - The company's subsidiaries, including Beijing Sifang Automation Co., Ltd. (Sifang Co.), Nanjing Sifang Yineng Power Automation Co., Ltd. (Nanjing Yineng), and others, enjoy a reduced corporate income tax rate of 15% due to their status as high-tech enterprises[200] - The company benefits from a VAT refund policy for software products, where the actual VAT burden exceeding 3% is refunded, in accordance with the "Notice on VAT Policies for Software Products"[200] - The company's technical development and transfer services are exempt from VAT, as per the "Notice on the Comprehensive Pilot Program for Replacing Business Tax with VAT"[200] - Advanced manufacturing enterprises, including the company, are allowed to deduct an additional 5% of the deductible input VAT from the payable VAT amount from January 1, 2023, to December 31, 2027[200] - Subsidiaries such as Suzhou Sifang Zhidian Energy Technology Co., Ltd. (Sifang Zhidian) and Huzhou Sifang Zhixiang Electrical Co., Ltd. (Sifang Zhixiang) qualify as small and micro enterprises, benefiting from related tax preferential policies[200] Accounting Policies and Financial Reporting - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and the relevant regulations of the China Securities Regulatory Commission[113] - The company has not identified any significant events that would cast doubt on its ability to continue as a going concern within the next 12 months[114] - The company's accounting policies and estimates are based on actual production and operation characteristics, in accordance with the relevant Chinese Accounting Standards[115] - The company's financial statements are prepared on a going concern basis and reflect the company's financial position, operating results, changes in equity, and cash flows in accordance with the Chinese Accounting Standards[116] - The company's accounting year runs from January 1 to December 31[117] - The company uses a 12-month operating cycle as the standard for classifying assets and liabilities as current or non-current[118] - The company recognizes goodwill as the excess of the cost of acquisition over the fair value of identifiable net assets acquired, measured at cost less accumulated impairment losses[123] - Goodwill is tested for impairment at least annually at the end of the financial year[123] - The company consolidates financial statements based on control, defined as the power to govern financial and operating policies to obtain benefits[124] - Subsidiaries with different accounting policies or periods are adjusted to align with the company's policies before consolidation[124] - Joint arrangements are classified as either joint operations or joint ventures, with reclassification if rights and obligations change[125][126] - Joint operation participants recognize their share of assets, liabilities, revenues, and expenses[127] - Joint venture participants account for their investments under the equity method[128] - Cash equivalents include short-term, highly liquid investments with maturities of three months or less[129] - Foreign currency transactions are recorded at the spot exchange rate on the transaction date[130] - Financial assets are classified and measured based on business models and contractual cash flow characteristics[133] - The company measures financial assets at fair value with changes recognized in profit or loss, classified as trading financial assets, and for those expected to be held for over a year, classified as other non-current financial assets[135] - The company measures equity instruments without control, joint control, or significant influence at fair value with changes recognized in profit or loss, classified as trading financial assets, and for those expected to be held for over a year, classified as other non-current financial assets[135] - The company recognizes loss provisions for financial assets measured at amortized cost and debt instruments at fair value with changes in other comprehensive income based on expected credit losses[135] - The company calculates expected credit losses by considering past events, current conditions, and future economic forecasts, using the risk of default as a weight[135] - The company measures expected credit losses for financial instruments in different stages: Stage 1 (12-month expected credit loss), Stage 2 (lifetime expected credit loss), and Stage 3 (lifetime expected credit loss for impaired instruments)[135] - The company measures loss provisions for financial instruments with

2 图 19：公司传统能源发电领域产品展示 新一轮配网政策落地，配电网智能化成为重要增量发展方向，新一轮配网投资增长周期有 望开启。"十三五"期间的农网改造升级计划完成后，我国电网投资中的配电网投资占比 有所下滑。而当前时间点，我们认为在"十四五"期间的相关政策逐步实施背景下，配电 网有望迎来新一轮发展机遇。此外，"十四五"期间针对农网及配网的政策与以往侧重点存 在不同，过去的政策重心在于提升农村电网的电力保障能力，而本轮政策重点提及配网智 能化（适应分布式能源、充电桩等接入）的发展目标。 根据我国电力供需结构性失衡的现状，东部地区用电量大于发电能力，而西部地区则相反。 资源与电力负荷的错配使得跨省跨区电力输送和交换成为保障我国电力供应、优化资源配 置的重要手段。近年来，在基建刺激和新能源消纳需求的推动下，跨省跨区特高压工程发 展迅速。国家电网表示力争在 2025 年实现跨省、跨区输电能力达到 3 亿千瓦，到 2030 年 达到 3.7 亿千瓦。同时，努力确保清洁能源电量占输送电量的 50%以上。 中标江西大唐国际新余二期电厂 2X1000MW 工程、浙能六横电厂二期 2×1000MW工程、国能湖南岳阳电厂 ...

证券代码：601126 证券简称：四方股份 北京四方继保自动化股份有限公司 投资者关系活动记录表 （2024 年第二季度） 北京四方继保自动化股份有限公司于近期以线上和线下的方式与投资者、 券商分析师等就公司生产经营情况进行交流，现将投资者关系活动的主要情况 汇总发布如下： 投资者关系 √特定对象调研 √分析师会议 □媒体采访 √业绩解读会 □ 活动类别 新闻发布会 √路演活动 √现场参观 □其他 广发基金、淳厚基金、交银施罗德、富国基金、大成基金、太 平养老、招商基金、易方达基金、国寿资产、新华资产、博时 参与机构 ...

请看前面的视频 各位投资者大家下午好非常感谢大家的那个时间来参加四方股份的这个交流今天我们也是有幸邀请了董秘钱总给大家做一个这个沟通啊然后会议开始之前我们还是强调一下会议纪律啊不希望有任何的录音既要流传出来啊然后也谢谢那个钱总的时间钱总现在能听到我们声音吗哎可以的 前总要不我们就开始吧因为对公司的那个情况也相对比较了解所以我们这边请教一些小问题然后后面把更多的时间交给大家好吧前总就是不知道方便比如说到今年的一季度或者是到当下这个时间点我们的一个新增订单的情况给大家那个分享一下可以吗然后包括我们可能关心一下海外有没有一些那个订单出来了谢谢好的 今年我们全年的目标是持续保持一个百分之二十的新鲜增速然后截止到其实一季度可能这个上面来讲这个数据同比来讲会更的晚一点但一季度它确实是在年初基数也比较小然后波动性也比较大 那么逐步累积到五月份甚至到六月初这个时点我们去看的时候应该来说这个数据相对来讲会更更贴近于这个全年的情况从目前来看整个比我们全年的预计目标还是要好一些有一个将近30%的一个同比分数那么这个呢也对于我们全年目标的这个达成呢来看的话这个保障性或者是一种信心吧也是比较强给公司全年经营的这么一个这么一个指引的话对 ...

2024 年 06 月 10 日 研 二次设备领先企业，受益于配网建设 公司 2023 年实现营业收入 57.51 亿元，同比增长 13.24%； 实现归属于上市公司股东净利润 6.27 亿元，同比增长 15.46%。2024 年一季度公司实现营业收入 15.5 亿元，同比 增长 31%，归母净利润 1.81 亿元，同比增长 28%。公司 2024 年一季度毛利率到达 33.96%，同比下降 3.2pct，归母净利率 达到 11.72%，同比下降 0.34pct，随着公司整体规模提升， 盈利能力保持稳定。 智能电网领域，公司 2023 年中标首个 500kV 二次优化示范 站山东先行变、内蒙古首座新一代数字化二次集成变电站， 在新一代高可靠变电站技术中保持领先地位。累计中标国家 电网 55 座新一代集控站，及深圳 110kV 后海三数字孪生智 慧变电站项目，中标贵阳、桂林、珠海等地二次设备监控主 站项目，继续保持在南方电网市场的领先地位；中标白鹤滩 水电站振荡源科创项目，及华北、华东等地的新一代 WAMS 主站项目， 持续保持技术引领地位。一二次融合配电产品受 益于新型电力系统建设，新签合同额稳定增长。公司持 ...

证券研究报告 公司研究 公司点评报告 四方股份(601126) 投资评级 买入 上次评级 买入 武浩 电新行业首席分析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 曾一赟 电新行业研究助理 联系电话：15919166181 邮 箱：zengyiyun@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街 9号院 1号楼 邮编：100031 24 年 Q1 业绩增长显著，储能业务进展顺利 2024 年 5 月 4 日 事件： 近期，公司公布 2024 年一季报，实现营业收入 15.45 亿元，同比增长 31.21%；归母净利润 1.81 亿元，同比增长 27.55%；扣非归母净利润 1.79 亿元，同比增长 23.47%。 点评： 一季度业绩增幅显著，利润维持高位水平。盈利来看，公司 24 年 Q1 毛利率为 33.96%，YOY-3.2pct，净利率为 11.78%，YOY-0.32pct。 行业来看，电网投资保持高度景气，24 年 1-3 月投资完成额为 766 亿 ...

四方股份(601126) 投资评级 买入 上次评级 买入 武浩 电新行业首席分析师 24 年 Q1 业绩增长显著，储能业务进展顺利 点评： 风险因素：电网投资不及预期、原材料价格波动、电网建设进度不及 预期、市场竞争加剧等。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 曾一赟，新能源与电力设备行业研究助理，悉尼大学经济分析硕士，中山大学金融学 学士，2022 年加入信达证券研发中心，负责电力设备及储能行业研究。 分析师声明 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或 需求。客户应考虑本报告中的任何意见或建议是否符合其特定状况，若有必要应寻求专家意见。本报告所载的资料、工具、意见 及推测仅供参考，并非作为或被视为出售或购买证券或其他投资标的的邀请或向人做出邀请。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时 追究其法律责任 ...

四方股份（601126） 2024 年一季报点评：Q1 营收利润稳健增长， 业绩略超市场预期 2024 年 04 月 30 日 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5,078 | 5,751 | 6,859 | 8,003 | 9,017 | | 同比（ % ） | 18.15 | 13.24 | 19.26 | 16.69 | 12.67 | | 归母净利润（百万元） | 543.21 | 627.21 | 732.82 | 905.06 | 1,046.81 | | 同比（ % ） | 20.21 | 15.46 | 16.84 | 23.50 | 15.66 | | EPS- 最新摊薄（元 / 股） | 0.65 | 0.75 | 0.88 | 1.0 ...

2024 年第一季度报告 证券代码：601126 证券简称：四方股份 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 单位：元 币种：人民币 北京四方继保自动化股份有限公司 2024 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |-----------------------------------------------|------------------|------------------|---------------------------------------| | 项目 | 本报告期 | | 本报告期比上年同期增减变动幅度 (%) ...